Are you interested in cryptocurrency and how the tech works within the live casino industry? Read on! (Photo by Kanchanara on Unsplash)
A large number of people are still judging the success of ‘all’ blockchain technologies using the overall success of the value of the cryptocurrency as their chief indicator.
Contrary to popular belief, the future of blockchain technology does not rely on the success of cryptocurrencies. The simple explanation is that not all blockchain technologies need cryptocurrencies to succeed.
They can be a simple tech company that uses blockchain and does not need the backing of people investing in a cryptocurrency.
For example, a privately owned company versus companies floated on the stock market like Playtech, Evolution, and 888 Holdings regularly reported in our gambling company stock price update.
Two examples of blockchain solutions that do not use a cryptocurrency or a token are IBM’s Fabric. and R3’s Corda. The way both systems have been designed means they do not need tokens because these systems do not need miners or proof of work to function. Also, not all tokens need a market valuation attached to them.
FTN: An example of a company that uses cryptocurrency to succeed is BetConstruct via its SoftConstruct sister company, which operates the Fastex network. You can see from one of my past news report that covered this fintech – read it here FTN is a Growing Crypto Brand.
In theory, there are two types of blockchain-based businesses!
Some blockchain solutions use ICOs to issue a digital currency attached to its ecosystem to raise funds, which, in this case, success can be judged ONLY by the increase and decrease in the value of its crypto. However, many blockchain solutions do not have a cryptocurrency attached to them, such as IBM’s Fabric, as mentioned above. and R3’s Corda.
If the entire success of blockchain technology relied on the overall market valuation of all cryptocurrencies, then Dubai, looking to become the first blockchain-powered government, probably would not be investing so heavily in blockchain solutions to revolutionise the city.
The UAE will bet its entire city’s economy on a volatile cryptocurrency market. Not in the slightest. Instead, Dubai’s bigwigs see the potential of the technology that created cryptocurrencies, which is blockchain’s ideology, as a disruptive software solution.
Once again I can bring FTN into the picture here as SoftConstruct Fastex VARA Approval in Dubai has become big news for the crypto and blockchain ecosystem.
By 2025 most major companies will have blockchain solutions deployed
Regardless of whether solutions being deployed are backed by an ICO or via private company such Microsoft or IBM is entirely down to the companies that feel the solution being offered will benefit their business operations.
What is clear is that blockchain technology is being deployed globally in numerous industries. Some of the reasons these businesses are choosing blockchain solutions is security, the decentralized model, immutable ledgers, fast transaction speeds, reliable smart contracts, increases in IT system efficiency, cost savings, and no loss of data. These advantages seem to far outweigh traditional centralized IT systems..
When blockchain tech proves its worth, then a flurry of large businesses will follow suite. For instance we recently covered a news report about MasterCard getting involved in blockchain technologies. Add big names such as Microsoft Azure, IBM, Amazon, and Oracle to name but a few offering what is called enterprise blockchain solutions., and blockchain technology is well on its way to becoming the norm of IT systems.
As a result, blockchain tech looks as if it will become mainstream. This means that many medium to small size businesses that cannot afford enterprise solutions will be looking at alternatives, and those alternatives are likely to be solutions created by ICOs with a cryptocurrency attached to them. Consequently, this could spell the survival of cryptocurrencies.
How will blockchain tech affect the live casino industry?
There are now 100s of live casinos and a handful of live dealer game developers who have adopted cryptocurrency as a deposit and withdrawal method as well as a way to bet on games. You can read more on both via our live bitcoin casino guide. Here you will find casinos and software providers as well as how crypto is already an integral part of online gambling entertainment with in the live casino scene.
- Enhanced Security and Fairness: Blockchain’s decentralized and immutable nature ensures that gaming outcomes are fair and transparent. This reduces the risk of manipulation and increases trust among players.
- Smart Contracts for Automated Payouts: Smart contracts can automate payouts based on game outcomes. This reduces the need for human intervention, speeds up transactions, and minimizes errors.
- Increased Privacy and Anonymity: Players can participate in live casinos without revealing personal information, as blockchain allows for secure, anonymous transactions. This appeals to privacy-conscious users.
- Global Accessibility and Exclusivity: Blockchain enables casinos to accept various cryptocurrencies, making them more accessible to a global audience. This inclusivity can lead to a larger customer base.
- Reduced Costs and Increased Efficiency: By eliminating intermediaries and reducing transaction fees, blockchain can lower operational costs for casinos. This efficiency can be passed on to players in the form of better odds or rewards.
- Transparency in Game Mechanics: Blockchain allows for the public verification of game algorithms and RNG (Random Number Generation) systems, ensuring games are fair and not rigged.
- Regulatory Compliance and Reporting: Blockchain can simplify compliance with regulatory requirements through transparent record-keeping and easy access to transaction histories for auditing purposes.
- Innovative Gaming Experiences: The integration of blockchain can lead to the development of new, innovative gaming experiences, possibly combining elements of cryptocurrency trading with traditional gaming.
- Loyalty and Reward Programs: Blockchain enables the creation of more sophisticated loyalty and reward programs, where tokens or cryptocurrencies can be used as rewards that can be traded or used across different platforms.
PayPal’s Crypto Integration: Another large fintech company known on the live casino scene as an e-wallet payment provider in the UK and Ireland is PayPal. The company has also integrated crypto into its system – you can read more about PayPal live casinos here.
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